MANILA - Japan is funding 6 out of the 13 infrastructure projects of the National Economic Development Authority, including metro Manila's first ever subway, the agency said Friday.
Japanese assistance for the 6 projects are worth a combined P715 billion, Socioeconomic Planning Secretary Ernesto Pernia said during a joint meeting of Filipino and Japanese economic officials.
The remaining 7 projects will be partly funded by China, South Korea, the World Bank and the Asian Development Bank, Pernia said.
"Our focus on the transportation sector is part of the bigger mission to decongest Metro Manila, and bring development to the regions, which is embedded in our National Spatial Strategy," he said.
The Japan international Cooperation Agency said last week that daily economic losses due to traffic jams in the Philippine capital had risen to P3.5 billion from the initial estimate of P2.4 billion.
"This estimated economic loss in daily traffic is massive, and we must act fast," Pernia said.